ELISA CORPORATION STOCK EXCHANGE RELEASE 1 DECEMBER 2021 AT 10:00 AM

The Shareholders' Nomination Board of Elisa Corporation proposes to the Annual General Meeting in 2022 that the number of members of the Board of Directors would be nine (eight members in 2021).

The current member of Board, Ms Seija Turunen has announced that she will not be available for re-election in the 2022 Annual General Meeting.

The Shareholders' Nomination Board proposes that Ms Clarisse Berggårdh, Mr Maher Chebbo, Mr Kim Ignatius, Mr Topi Manner, Ms Eva-Lotta Sjöstedt, Mr Anssi Vanjoki and Mr Antti Vasara be re-elected as members of the Board. The Shareholders' Nomination Board further proposes that Ms Katariina Kravi and Ms Pia Kåll are elected as new members of the Board. The Shareholders' Nomination Board proposes to the Annual General Meeting that Mr Anssi Vanjoki be elected as the Chair of the Board and Ms Clarisse Berggårdh be elected as the Deputy Chair.

All the proposed Board Members are considered independent of the company and of its significant shareholders.

With regard to the selection procedure for the members of the Board of Directors, the Shareholders' Nomination Board recommends that shareholders take a position on the proposal as a whole at the General Meeting. This recommendation is based on the fact that at Elisa, in line with a good Nordic governance model, the Shareholders' Nomination Board is separate from the Board of Directors. The Shareholders' Nomination Board, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, is also responsible for making sure that the proposed Board of Directors as a whole also has the best possible expertise and experience for the company and that the composition of the Board of Directors also meets other requirements of the Finnish Corporate Governance Code for listed companies.

The Shareholders' Nomination Board proposes that the amount of annual remuneration for the members of the Board of Directors be changed, but that the level of remuneration for participating in meetings should remain unchanged. The proposal does not include share transfer restrictions; however the Nomination Board does require that members of the Board hold shares in the Company. The Shareholders' Nomination Board proposes to the Annual General Meeting as follows

The Chair is paid an annual remuneration of EUR 130,000 (EUR 126,000 in 2021), the Deputy Chair and the Chairs of the Committees EUR 85,000 (EUR 84,000 in 2021), and other Board members EUR 70,000 (EUR 69,000 in 2021). In addition, a meeting fee of EUR 800 (EUR 800 in 2021) per meeting of the Board and of a Committee would be paid. However, if a Board member is physically present in the Board or Committee meeting, which is held in a country other than his/her permanent home country, then the meeting fee would be EUR 1,600 (in 2021 EUR 1,600 only for Board members who have their permanent residence outside Finland).

According to the proposal, the annual remuneration will be paid partly in Company shares and partly in cash so that 40% of the remuneration is used to acquire Company shares in the name of and on behalf of the Board members, and the remainder will be paid in cash in order to cover withholding tax on the annual remuneration. The shares will be acquired for the Board members from the stock exchange on the third trading day following the publication of the first quarter interim report of 2022.

More information on the Shareholders' Nomination Board's proposal on the composition of the Board of Directors and its full proposals are available on Elisa Corporation's website at elisa.com/agm. The Shareholders' Nomination Board's proposals will be included in the invitation to the Annual General Meeting.

The Shareholders' Nomination Board of Elisa Corporation is chaired by Mr Pauli Anttila (appointed by Solidium Oy) and the other members are Mr Jouko Pölönen (Ilmarinen Mutual Pension Insurance Company), Mr Reima Rytsölä (Varma Mutual Pension Insurance Company), Ms Hanna Hiidenpalo (Elo Mutual Pension Insurance Company) and Mr Anssi Vanjoki (Chair of the Board of Directors of Elisa Corporation).

ELISA CORPORATION

Vesa Sahivirta
IR Director
tel. +358 50 520 5555

Additional information:

Pauli Anttila
Chair of the Shareholders' Nomination Board
tel. +358 10 830 8909

Distribution:

Nasdaq Helsinki
Principal Media
elisa.com

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